Arcellx hits record high as Gilead agrees to up to $7.8 bln acquisition

Shares of cancer therapy developer Arcellx ACLX.O surge 77.5% to all-time-high of $113.81

Arcellx on track for biggest pct gain and set to add about $2.87 billion in market value, if gains hold

Gilead Sciences GILD.O says it will buy ACLX for an implied equity value of $7.8 billion

*"Arcellx represents a clear strategic fit for Gilead's business, simplifying what was a long-standing and increasingly complex partnership ahead of a critical commercial launch for the company," said BMO Capital Markets analyst

The offer includes $115 per share in cash and one contingent value right of $5 per share

Shares of GILD were down 1%

Up to last close, ACLX stock had fallen 1.7% YTD